VFC - Quick Take - FY27 guide ahead on expected profitability improvements, but the Vans outlook remains pressured

研报英文原文证据摘录

VFC - Quick Take - FY27 guide ahead on expected profitability improvements, but the Vans outlook remains pressured

Truist Securities

Equity Research Report May 20, 2026

CONSUMER: Softlines V.F. Corporation (VFC)

VFC - Quick Take - FY27 guide ahead on expected profitability Joseph Civello

212-590-0968 improvements, but the Vans outlook remains pressured

Joseph.Civello@truist.com

Scot Ciccarelli, CFA VFC shares are up MSD% BMO, but there are a lot of moving pieces. We believe the

212-319-3920 optimism largely reflects reinstating FY guidance and pointing to a continued step-up in

Scot.Ciccarelli@truist.com profitability (guiding for ex-Dickie’s business to improve ~100bps to an ~8% op margin vs

Street’s prior 7.2%E – though we do not know what the outlook implies for tariffs). In our

Craig Larsen view, the guide was fairly mixed overall with roughly in-line total revenues vs. Street’s prior

212-319-2120 forecasts but worse on the Vans side (guiding down MSD% for the year with trends improving

Craig.Larsen@truist.com in 2H vs 1H). Although we believe there is some optimism about Americas DTC flipping

positive, the company is lapping last year’s reset actions and trends remain more pressured

on 2 and 3 year stacks. Overall, in F4Q Vans revenues declined 5% CC, in line with guidance

but came in slightly below Street for the quarter ($487mm vs Street’s $494mmE).

Current Price (May 19, $16.74 2026)

Stock Rating HOLD

Unchanged

Price Target $18.00

4 Page Document

4Q results slightly beat overall but Vans’ revenues miss - Total revenues of $2.17b (up

4% YOY reported and 1% CC ex-Dickies) came in slightly above Street’s $2.13bE. The beat

Reasons for this report was driven by solid momentum for the Outdoor segment (revenues of $1.34b beat Street’s